This document is part of the Aged Care Gurus Advice Library. You can find templates for SOA Wording, DVA Forms, Aged Care Forms, and Centrelink Forms.
Members also have access to the Marketing Library, Technical Library and Further Education.
Pre-paying a funeral enables a client to choose and pay in advance for their eventual funeral. They can pay for the funeral in full or pay it off in regular instalments over a period of time. The cost is fixed in today's dollars, even if the funeral is not for many years. Funeral bonds are an investment product that can only be withdrawn after death to pay for a funeral, they may not cover the cost of a funeral.
Aged Care Providers are required to refund the balance of a resident’s Refundable Accommodation Deposit/Contribution or Accommodation Bond within legislated timeframes.
Reverse mortgages, also known as 'equity unlock loans' are equity release loans designed for older borrowers including those entering aged care, who are 'asset rich' but 'cash poor'. They enable the borrower to access the equity in their home. The borrowed funds can generally be taken out as a lump sum, a regular income stream or a combination of both.
